Did your company receive a Paycheck Protection Program loan for $150,000 or less, and have you not yet applied for loan forgiveness? The U.S. Small Business Association recently launched a Direct Forgiveness Portal that aims to streamline the process for small businesses.
If you took out a loan from one of the larger banks like JPMorgan Chase or M&T Bank, note that they will have their own portal to make the process as simple as possible. But for the smaller banks that got first draw in the second round of PPP that don’t have a platform like that, the SBA portal provides an easier way to apply. Here’s a list of the more than 800 participating banks.
Through the SBA portal, borrowers can fill out a simple online form, for which you’ll need gross receipts, number of employees and payroll information. The portal will do the calculations to see whether you’re entitled to forgiveness for all or some of the loan. You can then e-sign and submit it to the SBA, which will in turn send the filled out application to your lender.
If you have questions, you can download the PPP Direct Forgiveness Platform User Guide, or reach out to the Delaware Division of Small Business.
Access the portal
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